It benefit for housing loan co applicant.
This query is : Resolved
06 February 2014
We recently got a home loan from LIC HFL for construction of house in Mysore. The land (Site) is in the name of my father. I am co applicant for the Home loan that my dad took for the construction of the home. When i went to seek the IT benefit for EMI component that i'm repaying, I was told that since the property is not in my name or not jointly owned with my father, I dont stand to get the IT benefit for the same.
My questions are -
1) Is it true whatever they are saying?
2) If yes, I am planning to get the share in ownwership of my dad so that i too can claim the IT benefit. So Kindly tell me the formalities/procedure to be followed to become the Joint owner of the property.
My questions are -
1) Is it true whatever they are saying?
2) If yes, I am planning to get the share in ownwership of my dad so that i too can claim the IT benefit. So Kindly tell me the formalities/procedure to be followed to become the Joint owner of the property.
06 February 2014
on paper ownership is not necessary. If the loan is in your name, you can claim the interest deduction.
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